Market Watch: David Munger loses over $183,947 on sale of Mount Prospect home
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a SYHN News Service series on recent home sales that demonstrate the consequences.
The home: 100 S. Elmhurst Ave., Mount Prospect
The 1,350-square-foot home has 3 bedrooms, 2 baths and has a detached garage. It was built in 1949.
The seller: David P. Munger
The seller: David P. Munger
The purchase: In November 2005, Munger paid $388,500 for the home, or roughly $493,947 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Munger sold the home for $310,000 on Jan.10, or approximately $183,947 less than the original purchase price, in today's dollars.
Munger originally listed the home for $349,900 in September 2015. He lowered the price in June 2018 to $325,00 and again in August 2018 to $315,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Munger paid $74,158 in property taxes between 2006 and 2017, or an estimated 24 percent of the sale price.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $388,500 | $310,000 | $74,158 |
